A term insurance plan that offers complete protection for your family’s future – Edelweiss Tokio Life Total Protect Plus

by Joseph K. Clark

The life insurance industry has risen to the occasion by introducing various products to become financially independent with time.

It won’t be an exaggeration to call the unprecedented COVID-19 pandemic a storm that has caused economic distress to millions of businesses, leading to job depletion, layoffs, and pay cuts on the one hand, and increasing expenses and inflation on the other. In addition to this financial instability, many families also have suffered the loss of their loved ones. This loss has caused emotional hardships and affected the surviving members financially because, in many cases, it meant the loss of their primary or only source of income.


The increased importance of term life insurance after the pandemic

This crisis has brought into the spotlight the urgent need to cushion the health and economic aftereffects of not only the pandemic but any event that can potentially threaten financial stability. Fortunately, a notable shift has been recorded in terms of awareness regarding the benefits of life insurance. Over 90% of Indians believe that health and term insurance is essential for their financial safety and mental wellbeing, as per the findings of a recent survey.

Previously, most Indians saw life insurance only as a tax-saving instrument, but they have realized the importance of protection over the years. The life insurance industry has risen to the occasion by introducing various products to become financially independent with time. Life insurers are offering evolved policies by adding many features such as guaranteed income, market-linked opportunities, goal-oriented wealth accumulation, and much more, all while ensuring the financial future of an individual’s family.

With so much happening around us, who wants to take on the hassle of researching, buying, maintaining, and paying the premium for multiple plans for each member of the family? It becomes cumbersome to track your own term insurance, buy another one for your spouse, and separately plan for your child’s education. This is precisely why Edelweiss Tokio Life made sure to put everything you and your family need in one protection plan. The new Edelweiss Tokio Life – Total Protect Plus is designed to protect your family’s financial future. If you are dreaded by thoughts about how will your family manage their lifestyle or your child’s education in your absence, this plan is for you. It gives your life all-around protection by allowing you to address goal-linked financial risks in your life, this offering a well-secured future for your loved ones. With this Life Insurance plan by your side, you can plan a brighter future with complete security and minimal worry!

How Edelweiss Tokio Life – Total Protect Plus helps materialize your family’s dreams and aspirations

Edelweiss Tokio Life’s Total Protect Plus can help you excel as a provider and caretaker of your family by eliminating worries stemming from life’s uncertainties and working towards your financial goals, as described in the following paragraphs.

1. 100 Year Life Cover: With this plan, you can opt for a cover that lasts till you are 100 years of age so that your loved ones have a financial cushion to fall back on for a long time. The increased focus on career and prevalence of nuclear families has pushed the average age of marriage and therefore becoming a parent by at least 4-5 years in the last decade. With a more considerable disposable income and growing aspirations, your children might opt to study longer and continue to be dependent on you. Add to it, the advanced medical science and increased safety around us ensures that you will live well beyond the average 65-70 years. Apart from the need to take an extended cover, the product can contribute to your legacy planning strategy because it can help you leave behind a sizable financial corpus for your family.

2. The Better Half Benefit enables you to create a life cover for your spouse in your absence. Through this optional benefit, the policy kickstarts a life cover equivalent to 50% of the policyholder’s Sum Assured (subject to a maximum of Rs. 1 crore) for your spouse in case of your death. Your spouse doesn’t have to pay any future premiums. This way, you can ensure that your death doesn’t affect your family financially and set a protection cycle after you are gone. Your partner has been your rock through the thick and thin of life, and they should be adequately supported in your absence. Their aspiration should not be marred by the lack of money or debts that you might leave behind.

3. Child’s Future Protect Benefit: While you toil hard today to give your children a secure and happy future, it is wise to also seal their education and career funds for when you won’t be around. The Child’s Future Protect Benefit provides the option of creating additional life cover for yourself till your child attains 25 years of age. This helps you ensure your child doesn’t have to compromise on their career choices in your absence. You can choose the Additional Sum Assured amount (10% to 100% of Base Sum Assured) at the start of the policy. In case of your death before your child attains 25 years of age, the Base Sum Assured plus Additional Child’s Future Protect Benefit Sum Assured is paid to the nominee.

4. And there’s more – In today’s time, getting your medical tests done is anyway so important. So, you get a 6% discount on the first-year premium if medical tests are completed within 7 days of purchase (login).

5. Along with all these benefits, you can add five optional riders to your plan to enhance your protection:

  • Accidental Death Benefit Rider for additional financial security in case any death occurs due to accident. Also, the benefit is payable in a lump sum.
  • Accidental Total and Permanent Disability Rider provides you with a lump sum to cater to your immediate expenses if your income earning capacity is hindered due to an unintentional disability (total & permanent).
  • Hospital Cash Benefit Rider for daily allowance and post-hospitalization benefits, insured in case of hospitalization of the life.
  • Critical Illness Rider for a lump sum amount on diagnosis of one of the listed acute illnesses
  • Waiver of Premium Rider waives of future premiums in case you suffer from Critical Illness or Total and Permanent Disability due to an accident.

Age is not just a number; you can capitalize on it if you’re smart about it. The younger you are, the better deal you get on the premium amount to keep reaping term insurance benefits even as you grow older. An affordable premium also means that you don’t need to delay buying term insurance until later.

Calculate your premium here.

Additionally, the premiums paid under this plan are eligible for deductions under Section 80(C) of the Income Tax Act, 1961. The death benefit is also suitable for tax benefit under section 10(10D).

You might be busy living a life full of responsibilities right now but don’t forget that this is also the time to plan your life aspirations and be adventurous because you’re still young. It is essential to consider the goals you want to pursue in life as a young, enthusiastic individual. But before you go ahead with your dreams and aspirations, it is essential that you financially secure your family. And this security needs to be ‘Total’ in all respects for living a Zindagi Unlimited.

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